Forex: GBP/USD trades on consolidation close to 1.5900

By IBTimes Staff Reporter | December 30 2009 3:10 AM

FXstreet.com (Barcelona) - The Sterling is consolidating low levels after the last bearish movement against the Dollar that take the GBP/USD from yesterday's high at 1.6070 to reach 11-weeks low at 1.5865 in the last American session.

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Throughout the Asian session, Cable has been trading in a narrow range between 1.5880 and 1.5905, consolidating losses in the big picture too from November 16 high at 1.6880. Currently the GBP/USD is trading at daily highs, around 1.5900/10, at the same opening price range of 1.5905.

Abhishek Goenka, analyst at India Forex Advisors, comments: GBPUSD is currently trading at 1.5880 levels. Downside correction is expected till 1.5700 levels where buying can be initiated for the target of 150 -200 pips keeping stoploss below 1.5650 level. Immediate resistance comes around 1.6080 levels. Short term bias still remains bearish till 1.5700 levels untill 1.6200 level is held.(GBPUSD 1.5885) Bearish.

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